Modoc County Municipal Code Ch. 2.32 Industrial Development Authority

The California Industrial Development Financing Act, Title 10 (commencing with Section 91500), Government Code (the "Act"), has established an industrial development authority of this county for the achievement of specified public purposes. The public purposes are the increasing of opportunities for useful employment or otherwise contributing to economic development. The need for the establishment of an industrial development authority in the achievement of such purposes is based upon findings that industry requires the new and alternative method of capital finance that such authorities can provide in order for it to undertake the acquisition, construction or rehabilitation of facilities the use of which will serve those public purposes.

(Ord. 261 §1, 1981)

There is a need in the county for the acquisition, construction or rehabilitation of facilities for the use of industry which will increase employment opportunities or otherwise contribute to economic development; and further, the new and alternative method of capital finance that industrial development authorities can provide will aid in satisfying that need.

(Ord. 261 §2, 1981)

There is a need in the county for an industrial development authority to provide industry with an alternative and additional method of finance in accordance with state policy as set forth in the Act.

(Ord. 261 §3(a), 1981)

The industrial development authority of the county established by the Act is declared organized, and shall function under the name "industrial development authority of the county of Modoc," and be authorized to transact business and exercise all of the powers and other authority conferred upon industrial development authorities by such Act.

(Ord. 261 §3(b),1981)

The provisions of this chapter, being necessary for the welfare of the county and its inhabitants, shall be liberally construed to effect its purpose.

(Ord. 261 §4, 1981)